SBA changes standards for small business

The U.S. Small Business Association today published new rules it has proposed that would allow small businesses to retain their eligibility for federal assistance for a longer period of time.

The proposed adjustments affect 20 industries, and would raise the annual gross revenues limit a business could make while still being classified as a small business by the SBA. Those businesses deemed “small” by the federal agency are eligible for financial assistance and procurement opportunities with other federal agencies.

The SBA estimates that up to 14,500 more firms will qualify for SBA assistance and other federal programs if the proposed revisions are adopted. A public comment period, in which individuals can offer suggestions the SBA on the proposed revisions, is open until Jan. 17. This is the first time in 25 years annual gross revenues have been adjusted.